real estate appraisal

The Four Tests of Highest and Best Use

Earlier this year, we asked our real estate appraisal community, “What’s the ONE thing that is most often overlooked by appraisers?” The top answer we received was “Highest and Best Use.” Highest and Best Use is the reasonable, probable, and legal use of vacant land or an improved property. Here’s a breakdown of the four criteria that Highest and Best …

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Do You Plan to Hire a Trainee Appraiser? Why or Why Not?

We recently asked our real estate appraisal community, “Do you plan to take on a trainee appraiser in the next 5 years?” About half of survey respondents said no, while the other half said yes or maybe. To gain further insight into these answers, we asked the same appraisers to explain, “Why or why not?” Read their comments below. Do …

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What’s New in Appraisal Membership: October 2020

McKissock’s Unlimited Learning Members enjoy 24/7 access to a wide variety of online appraisal classes, webinars, videos, podcasts, checklists, job aids, and other resources. Plus, we’re adding to our library each month so that you get the most current and relevant information to grow your real estate appraisal career. Do you already have an Unlimited Learning Membership? Here are nine …

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The One Business Skill Every Appraiser Needs to Master

We recently asked our appraisal community, “What ONE business skill does every appraiser need to master?” By far, the most popular answer selection was “delegation and time management.” According to real-life appraisers, several business skills are important. But time management, in particular, is essential for building a successful career in real estate appraisal. What ONE business skill does every appraiser …

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What’s New in Appraisal Membership: September 2020

McKissock’s Unlimited Learning Members enjoy 24/7 access to a wide variety of online appraisal classes, webinars, videos, podcasts, checklists, job aids, and other resources. Plus, we’re adding to our library each month so that you get the most current and relevant information to grow your real estate appraisal career. Do you already have an Unlimited Learning Membership? Here are four …

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6 Special Purpose Property Tips for Commercial Appraisal Reviewers

As a commercial appraisal reviewer, before you accept a review assignment of a special purpose property, you should become very knowledgeable in understanding the “business component” of these types of properties. This is especially true where there is a business component to be considered, as would be the case with senior living, hotel valuation, or hospitals. Business components in special …

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The Most Challenging Part of the Appraisal Process

Previously, we asked our real estate appraisal community, “What’s your favorite part of the appraisal process?” The top three answers we received were “Data collection and property description,” “Data analysis,” and “Application of the approaches to value.” This time, we asked appraisers, “What part of the appraisal process do you find the most challenging?” Interestingly, “Data analysis” came out on …

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Which Appraisal Clients Make Up the Majority of Your Client Base?

What types of clients do property appraisers serve? Do most of their assignments come from lenders vs. non-lenders? To help answer these questions, we recently asked our real estate appraisal community, “What type of appraisal client makes up the majority of your client base?” While most appraisers said that the majority of their work comes from lenders (most often through …

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